‘Uncategorized’ Archive

State Pension

Move to equalise male and female pension ages The State Pension is a regular payment from the Government that is claimed when you reach your State Pension age. The State Pension is based on your National Insurance record. It takes into account the National Insurance you built up before the new State Pension was introduced […]

Defined contribution pension schemes

Building up a pot of money to provide an income in retirement With a defined contribution pension, you build up a pot of money that you can then use to provide an income in retirement. Unlike defined benefit schemes, which promise a specific income, the income you might get from a defined contribution scheme depends […]

Defined benefit pension schemes

Paying out a secure income for life which increases each year A defined benefit pension scheme is one where the amount paid to you is set using a formula based on how many years you’ve worked for your employer and the salary you’ve earned, rather than the value of your investments. If you work or […]

Personal pensions

Saving tax-efficiently for retirement A personal pension is a type of defined contribution pension. You choose the provider and make arrangements for your contributions to be paid. If you haven’t got a workplace pension, getting a personal pension could be a good way of saving for retirement.

Self-invested personal pensions

Providing greater flexibility with the investments you can choose A self-invested personal pension (SIPP) is a pension ‘wrapper’ that holds investments until you retire and start to draw a retirement income. It is a type of personal pension and works in a similar way to a standard personal pension. The main difference is that with […]

Pension consolidation

Managing your retirement savings in one place By the time we have been working for a decade or two, it is not uncommon to have accumulated multiple pension plans. There’s no wrong time to start thinking about pension consolidation, but you might find yourself thinking about it if you’re starting a new job or nearing […]

Turning pensions into money you can use

One of the most important decisions you will make for your future Under the pension freedoms rules introduced in April 2015, once you reach the age of 55, you can now take your entire pension pot as cash in one go if you wish. However, if you do this, you could end up with a […]

Delaying taking your pension

Restrictions or charges for changing your retirement date You might be able to delay taking your pension until a later date if your scheme or provider permits this. If you want your pension pot to remain invested after the age of 75, you’ll need to check with your pension scheme or provider that they will […]

Purchase an annuity

Choosing a taxable income for the rest of your life You can normally withdraw up to a quarter (25%) of your pot as a one-off tax-free lump sum, then convert the rest into a taxable income for life called an ‘annuity’. There are different lifetime annuity options and features to choose from that affect how […]

Flexible retirement income

Re-investing funds designed to provide you with a regular taxable income With this flexible retirement income option known as ‘flexi-access drawdown’, you can normally take up to 25% (a quarter) of your pension pot or of the amount you allocate for drawdown as a tax-free lump sum, then re-invest the rest into funds designed to […]

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